Problem 3-29: Consolidated Worksheet and Balance Sheet on the Acquisitos Date (Equitity Method Paper Company acquired 80 percent of Scissor Company's outstanding common stock for $296,000 o Scissor's net assets was equal to $370,000. Paper uses the equity method to account for investments December 31, 20X8, are as follows: Paper Company Scissor Company Assets Cash 109.000.00 $ 25,000.00 Accounts Receivable 65,000.00 $ 37.000.00 Inventory 125 000.00 $ 87.000.00 Investment in Scissor Company 296.000.00 Land 280.000.00 $ 125.000.00 Buildings & Equipment 875 000.00 $ 250.000.00 Accumulated Depreciation (500,000.00) $ (24,000.00) Total Assets 1,250,000.00 $ 500.000.00 Liabilities & Stockholder's Equity Accounts Payable 95,000.00 $ 30,000.00 Bonds Payable 250.000.00 $ 100.000.00 Common Stock 625.000.00 $ 250.000.00 Retained Earnings 280.000.00 $ 120.000.00 Total Liabilities & Equity $ 1,250,000.00 $ 500.000.00